Tuesday, April 22, 2008

Spiraling into the shithole thru stupidy

The global food crisis is a monetary phenomenon, an unintended consequence of America's attempt to inflate its way out of a market failure. There are long-term reasons for food prices to rise, but the unprecedented spike in grain prices during the past year stems from the weakness of the American dollar. Washington's economic misery now threatens to become a geopolitical catastrophe.
How does Washington's 'economic misery' translate into a 'market failure'?


Full article.